The Australian Competition and Consumer Commission (ACCC) has hit National Australia Bank (NAB) with $751,200 in penalties following alleged breaches of the Consumer Data Right (CDR) Rules.

The ACCC issued four infringement notices to NAB, citing alleged contraventions related to the failure to disclose, or accurately disclose, credit limit data. These failures were identified in response to four distinct requests made by different CDR accredited providers acting on behalf of consumers.

The Consumer Data Right (CDR) is a comprehensive data sharing initiative introduced in Australia, designed to give consumers greater control over their data. It allows consumers to share their data with accredited third parties to access better products and services.

The ACCC stated in a media release: "National Australia Bank Limited (NAB) has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right (CDR) Rules."

These alleged contraventions highlight the importance of compliance with the CDR Rules, which are intended to ensure transparency and accuracy in data sharing between financial institutions and accredited providers. The ACCC's action against NAB underscores the regulatory body's commitment to enforcing these rules and maintaining the integrity of the CDR framework.